KAMCO and Standard Chartered Establish 286 Billion Won Ship Fund

Korea Asset Management Corporation (KAMCO) and Standard Chartered Bank have jointly established a ship fund worth approximately 286 billion won to support a mid-sized shipping company based in Busan.

Vice President Jongguk Lee of Korea Asset Management Corporation (left in the photo) is taking a commemorative photo after signing a business agreement at the headquarters of Standard Chartered Bank Singapore on the 24th with Abhishek Pandey, Global Head of Standard Chartered Bank Singapore (right in the photo). Provided by Korea Asset Management Corporation

KAMCO announced on the 25th that it had signed a 'business agreement to promote ship finance' with Standard Chartered Bank at the headquarters of Standard Chartered Bank Singapore on the 24th. This agreement is aimed at supporting domestic small and medium-sized shipping companies that are experiencing difficulties in securing mid- to long-term foreign currency financing, utilizing KAMCO's experience in ship fund management and Standard Chartered Bank's global financial capabilities.

The two institutions plan to pursue the joint establishment of a ship fund to support domestic small and medium-sized shipping companies, efficient sourcing of foreign currency funds, and the development of measures to expand the ship finance market.

As a first step, they intend to support a mid-sized shipping company in Busan by jointly establishing a ship fund worth approximately 286 billion won. To efficiently raise the required foreign currency, they are also considering various funding methods, including issuing foreign currency bonds and engaging in currency swaps.

With this agreement, KAMCO plans to expand cooperation with global financial institutions to support financing and improve the financial structures of small and medium-sized shipping companies. Vice President Jongguk Lee of KAMCO said, "We hope this partnership will serve as an opportunity to increase the interest and participation of global financial institutions in domestic ship finance. We will continue to develop diverse cooperation models to create a financial environment that supports the growth of small and medium-sized shipping companies."

This content was produced with the assistance of AI translation services.